Record Transactions in the General Journal

Post the General Journal entries to the General Ledger

Prepare the Unadjusted Trial Balance

Journalize any adjusting entries in the General Journal and post in the General Ledger.

Prepare the Adjusted Trial Balance in the Trial Balance Tab. Also Include the Income Statement and Balance Sheet on the Trial Balance Worksheet

Prepare in GOOD FORM, the Income statement, Statement of Shareholder's Equity, and Balance Sheet for the period of June 1, 2018 - May 31, 2019

Prepare and post the closing entries for the year ended May 31, 2019

I am unable to post an excel file on here. Im not sure t's possible. Is there any other way you can help?

K L M. A B D C E F G H I Preston Hill Bed & Breakfast Case Study 4 This case study must be completed in Excel or other spreadsheet program using the formats provided in this workbook. Objectives: 1. Practice the steps involved in the Accounting Cycle 2. Practice electronic spreadsheet skills a. Formulas b. Linking worksheets 3. Practice using data Visualization to share results 12 Instructions 14 1. Using the Chart of Accounts provided, record the transactions in the General Journal. Do not add new accounts. 16 2. Post the General Joumal entries to the General Ledger 18 3. Prepare the unadjusted Trial Balance in the Trial Balance tab 20 4. Joumalize any adjusting entries in the General Journal and post in the General Ledger Show your calcuations for the adjustments in the Adjustments tab. 23 5. Prepare the Adjusted Trial Balance in the Trial Balances tab. Also include the Income Statement and Balance Sheet on the Trial Balance Worksheet 26 6. Prepare IN GOOD FORM the Income Statement, Statement of Shareholders' Equity, and Balance Sheet for for the period of June 1, 2018 - May 31, 2019 in the appropriate tabs. Ignore the effects of income tax 29 7. Prepare an appropriate data visualization of financial results (either income statement or balance sheet) Instructions Accounts Transactions General Journal Adjustments General Ledoer o8 G Home Insert Data File Review View Help Tell me what you want to do Open in Desktop o co E F G H I 9 7. Prepare an appropriate data visualization of financial results (either income statement or balance sheet). 1 8. Prepare and post the closing entries for the year ended May 31, 2019. 3 9. Note the following additional information: 1. The business began on June 1, 2018. 2. The period under consideration is the year of June 1, 2018 - May 31, 2019. MTOM 3. For the purposes of this assignment, ignore the effects of income tax, property tax, sales tax, and payroll tax. a seragtira de reciban mostra susod 4. Straight-line depreciation method is used. 5. The supplies on hand May 31, 2019 were $325. 6. The telephone bill for May 2019 for $305 was receive June 2019. 7. The utility bill for May 2019 for $210 was received June 2019. 8. For the purposes of this assignment, consider the note payable to be a current liability GR 9. The following transactions occurred in the first month of operations and are reflected in the general ledger account balances: June 1, 2018 Jon Edwards and Dan Fogle each invested $20,000 in a corporation to run Preston Hill Bed Each were issued 2,000 shares of $10 par value common stock Instructions Accounts Transactions General Journal Adjustments General Led B C D E F G H I J K L M N June 1, 2018 The partners leased a fully furnished established, five-bedroom room Bed & Breakfast for 3 years at $3,000 per month. The landlord required a payment of $12,000 for 4 months of rent plus a $3,000 security deposit June 1, 2018 Purchased a minivan valued at $35,000 with a $10,000 down payment and a 3-year $25,000 note payable with an annual interest rate of 5%. The minivan has a 5-year useful life and no salvage value The monthly payment including principal and interest is $749.27 June 1, 2018 Nother partner can cook but arranged with the restaurant next door (Grace's Diner) to provide breakfast for the guests at $10 per person per day. Grace's Diner will bill the B & B at the end of each month for the meals provided. They must pay Grace's Diner before the 10th of the next month. June 1, 2018 Purchased used deck furniture for $3,000 cash. The furniture has a 6-year useful life and no salvage value June 3, 2018 Ace Computers, a local company, arranged with the B & B to provide rooms for their out of town weekday visitors at a rate of $100 per night. The B&B wil bill Ace at the end of the month for rooms used. March 8, 2019 Paid invoice from Insurance company for 4 months of coverage beginning April 1, 2019 for a total of $1,200 April 15, 2019 Purchased suppplies on account from Restaurant Depot in the amount of $875. April 24, 2019 Received reservation deposits as follows: Smith Family - $250 for May 25 - 26, 2019 Harris Family - $500 for May 29 - 30, 2019 Mester Family - $375 for June 3-5, 2019 Instructions Accounts Transactions General Journal Adjustments General Ledger Chart of Accounts 5 Account 6 Number Account 7 9 101 10 105 11 115 12 120 13 125 140 150 155 165 Assets Cash Accounts Receivable Supplies Prepaid Rent Prepaid Insurance Van Furniture Accumulated Depreciation Security Deposit 20 203 21 208 22 210 Liabilities Accounts Payable Deferred Room Rental Revenue Notes Payable 25 310 26390 Stockholders' Equity Common Stock Retained Earnings 29 501 30 505 Revenue Room Rental Revenue Administrative Fee Revenue Instructions Accounts Transactions Adjustments Gene o E F G H 501 30 505 c Room Rental Revenue Administrative Fee Revenue 33 605 610 35 615 36 620 37 625 640 645 650 41 655 660 43 665 670 45 675 46 685 47 690 48 695 Expenses Advertising Depreciation Expense Dues Food Expense Cleaning and Maintenance Interest Expense Insurance Expense Supplies Expense Printing expense Postage Licenses and fees Telephone Rent Expense Utilities Wage Expense Linens and Uniforms 50 700 750 Dividends Income Summary Instructions Accounts Transactions General Journal Adjustmen B C D 33333333 Preston Hill Bed & Breakfast Accounting Transactions for the Month of May 2019 Description May 1, 2019 Paid May rent in the amount of $3,000. May 2, 2019 Paid $750 for six-months auto insurance policy beginning May 1. May 8, 2019 Received $2,500 in cash and credit card receipts for room rentals for May 1-8, 2019. May 9, 2019 Purchased $540 for supplies on account from Jones Supplies Co. May 10, 2019 May 10, 2019 May 15, 2019 Paid amount due to Restaurant Depot for supplies purchased April 15, 2019. Received payment from Ace Computers for April 2019 billing. Paid $900 in wage expense for the period May 1 - May 15, 2019. May 15, 2019 Received $2,200 in cash and credit card receipts for room rentals for May 9 - 15, 2019. May 18, 2019 Paid for cleaning and maintenance in the amount of $425. May 20, 2019 Received reservation deposits as follows: Plourde Family - $250 for May 25 - 26, 2019 Friedman Family - $200 for May 29 - 30, 2019 Brooks Family - $255 for July 3 - 5, 2019 Instructions Accounts Transactions General Journal Adjustments General Ledoc A B C D E F G H I J K L May 21, 2019 Received $2,050 in cash and credit card receipts for room rentals for May 16 - 21, 2019. May 24, 2019 Paid utilities bill in the amount of $277. May 24, 2019 Paid telephone bill in the amount of $158. May 27, 2019 Refunded Harris Family deposit paid on May 8, 2019 less $50 Administrative Fee. May 30, 2019 Van Payment #12 - Total $749.27 (Principal = $676.29, Interest - $72.98) May 30, 2019 Paid $1,100 in wage expense for the period May 16 - May 30, 2019. May 30, 2019 Paid credit card in full with the following charges incurred in May 2019: Licenses and Fees - $100; Printing - $275, Dues - $100, Linens and Uniforms - $325; Advertising $560; Postage $125 May 30, 2019 Sent $735 invoice to Ace Computers for rooms rented May 1, 2019 - May 30, 2019. May 30, 2019 Received invoice from Grace's Diner for $380. May 30, 2019 Paid dividends to shareholders in the amount of $800. May 31, 2019 Received $1,850 in cash and credit card receipts for room rentals for May 22-31, 2019. Instructions Accounts General Journal Adjustments General Ledger File Home Insert Data Review View Help Tell me what you want to do Open in Desktop App Share C omments Preston HII Bed & Breakfast Trial Balance For the Year Ended May 31, 2019 Account Number Account Unadjusted Trial Balance Debit Credit Po Adjusting Entries Debt Cred Adjusted Trial Balance Income Statement Debit Credit Debt Credit Balance Sheet Debit Credit Closing Adjustments Debit Credit Accounts Receivable Supplies Prepaid Rent Prepaid Insurance 9 101 10 105 11 115 12 120 13 125 14 140 15 150 16 155 17 165 18 203 19208 20 210 21 310 22390 23 501 24 505 25 005 26 610 27 1615 28 620 29 625 Furniture Accumulated Depreciation Security Deposits Accounts Payable Deferred Room Rental Revenue Notes Payable Common Stock Retained Earings Room Rental Revenue Administrative Fee Revenue Advertising Depreciation Expense Duos Expense Food Expense Cleaning and Maintenance Expense Accounts Transactions General Journal Adjustments General Ledger Trial Balance K L M. A B D C E F G H I Preston Hill Bed & Breakfast Case Study 4 This case study must be completed in Excel or other spreadsheet program using the formats provided in this workbook. Objectives: 1. Practice the steps involved in the Accounting Cycle 2. Practice electronic spreadsheet skills a. Formulas b. Linking worksheets 3. Practice using data Visualization to share results 12 Instructions 14 1. Using the Chart of Accounts provided, record the transactions in the General Journal. Do not add new accounts. 16 2. Post the General Joumal entries to the General Ledger 18 3. Prepare the unadjusted Trial Balance in the Trial Balance tab 20 4. Joumalize any adjusting entries in the General Journal and post in the General Ledger Show your calcuations for the adjustments in the Adjustments tab. 23 5. Prepare the Adjusted Trial Balance in the Trial Balances tab. Also include the Income Statement and Balance Sheet on the Trial Balance Worksheet 26 6. Prepare IN GOOD FORM the Income Statement, Statement of Shareholders' Equity, and Balance Sheet for for the period of June 1, 2018 - May 31, 2019 in the appropriate tabs. Ignore the effects of income tax 29 7. Prepare an appropriate data visualization of financial results (either income statement or balance sheet) Instructions Accounts Transactions General Journal Adjustments General Ledoer o8 G Home Insert Data File Review View Help Tell me what you want to do Open in Desktop o co E F G H I 9 7. Prepare an appropriate data visualization of financial results (either income statement or balance sheet). 1 8. Prepare and post the closing entries for the year ended May 31, 2019. 3 9. Note the following additional information: 1. The business began on June 1, 2018. 2. The period under consideration is the year of June 1, 2018 - May 31, 2019. MTOM 3. For the purposes of this assignment, ignore the effects of income tax, property tax, sales tax, and payroll tax. a seragtira de reciban mostra susod 4. Straight-line depreciation method is used. 5. The supplies on hand May 31, 2019 were $325. 6. The telephone bill for May 2019 for $305 was receive June 2019. 7. The utility bill for May 2019 for $210 was received June 2019. 8. For the purposes of this assignment, consider the note payable to be a current liability GR 9. The following transactions occurred in the first month of operations and are reflected in the general ledger account balances: June 1, 2018 Jon Edwards and Dan Fogle each invested $20,000 in a corporation to run Preston Hill Bed Each were issued 2,000 shares of $10 par value common stock Instructions Accounts Transactions General Journal Adjustments General Led B C D E F G H I J K L M N June 1, 2018 The partners leased a fully furnished established, five-bedroom room Bed & Breakfast for 3 years at $3,000 per month. The landlord required a payment of $12,000 for 4 months of rent plus a $3,000 security deposit June 1, 2018 Purchased a minivan valued at $35,000 with a $10,000 down payment and a 3-year $25,000 note payable with an annual interest rate of 5%. The minivan has a 5-year useful life and no salvage value The monthly payment including principal and interest is $749.27 June 1, 2018 Nother partner can cook but arranged with the restaurant next door (Grace's Diner) to provide breakfast for the guests at $10 per person per day. Grace's Diner will bill the B & B at the end of each month for the meals provided. They must pay Grace's Diner before the 10th of the next month. June 1, 2018 Purchased used deck furniture for $3,000 cash. The furniture has a 6-year useful life and no salvage value June 3, 2018 Ace Computers, a local company, arranged with the B & B to provide rooms for their out of town weekday visitors at a rate of $100 per night. The B&B wil bill Ace at the end of the month for rooms used. March 8, 2019 Paid invoice from Insurance company for 4 months of coverage beginning April 1, 2019 for a total of $1,200 April 15, 2019 Purchased suppplies on account from Restaurant Depot in the amount of $875. April 24, 2019 Received reservation deposits as follows: Smith Family - $250 for May 25 - 26, 2019 Harris Family - $500 for May 29 - 30, 2019 Mester Family - $375 for June 3-5, 2019 Instructions Accounts Transactions General Journal Adjustments General Ledger Chart of Accounts 5 Account 6 Number Account 7 9 101 10 105 11 115 12 120 13 125 140 150 155 165 Assets Cash Accounts Receivable Supplies Prepaid Rent Prepaid Insurance Van Furniture Accumulated Depreciation Security Deposit 20 203 21 208 22 210 Liabilities Accounts Payable Deferred Room Rental Revenue Notes Payable 25 310 26390 Stockholders' Equity Common Stock Retained Earnings 29 501 30 505 Revenue Room Rental Revenue Administrative Fee Revenue Instructions Accounts Transactions Adjustments Gene o E F G H 501 30 505 c Room Rental Revenue Administrative Fee Revenue 33 605 610 35 615 36 620 37 625 640 645 650 41 655 660 43 665 670 45 675 46 685 47 690 48 695 Expenses Advertising Depreciation Expense Dues Food Expense Cleaning and Maintenance Interest Expense Insurance Expense Supplies Expense Printing expense Postage Licenses and fees Telephone Rent Expense Utilities Wage Expense Linens and Uniforms 50 700 750 Dividends Income Summary Instructions Accounts Transactions General Journal Adjustmen B C D 33333333 Preston Hill Bed & Breakfast Accounting Transactions for the Month of May 2019 Description May 1, 2019 Paid May rent in the amount of $3,000. May 2, 2019 Paid $750 for six-months auto insurance policy beginning May 1. May 8, 2019 Received $2,500 in cash and credit card receipts for room rentals for May 1-8, 2019. May 9, 2019 Purchased $540 for supplies on account from Jones Supplies Co. May 10, 2019 May 10, 2019 May 15, 2019 Paid amount due to Restaurant Depot for supplies purchased April 15, 2019. Received payment from Ace Computers for April 2019 billing. Paid $900 in wage expense for the period May 1 - May 15, 2019. May 15, 2019 Received $2,200 in cash and credit card receipts for room rentals for May 9 - 15, 2019. May 18, 2019 Paid for cleaning and maintenance in the amount of $425. May 20, 2019 Received reservation deposits as follows: Plourde Family - $250 for May 25 - 26, 2019 Friedman Family - $200 for May 29 - 30, 2019 Brooks Family - $255 for July 3 - 5, 2019 Instructions Accounts Transactions General Journal Adjustments General Ledoc A B C D E F G H I J K L May 21, 2019 Received $2,050 in cash and credit card receipts for room rentals for May 16 - 21, 2019. May 24, 2019 Paid utilities bill in the amount of $277. May 24, 2019 Paid telephone bill in the amount of $158. May 27, 2019 Refunded Harris Family deposit paid on May 8, 2019 less $50 Administrative Fee. May 30, 2019 Van Payment #12 - Total $749.27 (Principal = $676.29, Interest - $72.98) May 30, 2019 Paid $1,100 in wage expense for the period May 16 - May 30, 2019. May 30, 2019 Paid credit card in full with the following charges incurred in May 2019: Licenses and Fees - $100; Printing - $275, Dues - $100, Linens and Uniforms - $325; Advertising $560; Postage $125 May 30, 2019 Sent $735 invoice to Ace Computers for rooms rented May 1, 2019 - May 30, 2019. May 30, 2019 Received invoice from Grace's Diner for $380. May 30, 2019 Paid dividends to shareholders in the amount of $800. May 31, 2019 Received $1,850 in cash and credit card receipts for room rentals for May 22-31, 2019. Instructions Accounts General Journal Adjustments General Ledger File Home Insert Data Review View Help Tell me what you want to do Open in Desktop App Share C omments Preston HII Bed & Breakfast Trial Balance For the Year Ended May 31, 2019 Account Number Account Unadjusted Trial Balance Debit Credit Po Adjusting Entries Debt Cred Adjusted Trial Balance Income Statement Debit Credit Debt Credit Balance Sheet Debit Credit Closing Adjustments Debit Credit Accounts Receivable Supplies Prepaid Rent Prepaid Insurance 9 101 10 105 11 115 12 120 13 125 14 140 15 150 16 155 17 165 18 203 19208 20 210 21 310 22390 23 501 24 505 25 005 26 610 27 1615 28 620 29 625 Furniture Accumulated Depreciation Security Deposits Accounts Payable Deferred Room Rental Revenue Notes Payable Common Stock Retained Earings Room Rental Revenue Administrative Fee Revenue Advertising Depreciation Expense Duos Expense Food Expense Cleaning and Maintenance Expense Accounts Transactions General Journal Adjustments General Ledger Trial Balance